We see this news as positive for OHL. With an orderly debt restructuring and a knowledgeable new controlling shareholder in the Amodios, OHL seems
Read MoreThe extension buys more time for OHL to reach an agreement with the bondholders that satisfies the banks. In order to put pressure on OHL, the banks
Read MorePGS is a key comparable for the CGG business, when it comes to the underlying business. However, PGS did not undertake the significant financial and operational restructuring that CGG implemented since 2017. As a result, both
Read MoreNow there are only one. The AA confirmed this morning that TowerBrook and TowerBrook and Warburg Pincus are now working as a consortium. We remain positive on the name and continue to hold
Read MoreThe repurchase of short-dated maturities by Casino is in line with their guidance. The main focus of their capital market effort for 2021/22 will be the
Read MoreAnnounced this morning that Centrebridge, who was working in consortium with Towerbrook have confirmed to the Board of the AA that it does
Read MoreWe have updated our model on Codere post Q2 numbers here.
We are not taking at a position at current level. There is limited liquidity in the name, due to lock-up period. However, the
Read MoreTui bonds sit in a unique position. From a pure credit perspective, the bonds should trade lower than current levels, with significant uncertainty over future liquidity remains. However, the bonds
Read MorePlease refer to our unchanged analysis here.
Europcar bonds are dropping today following news that more than E200m of the corporate RCF have been trading into more aggressive hands than those of French banks. As per our note, the ECMG bonds are
Read MorePress reports yesterday reported on plans that TUI are seeking to raise further finances to navigate through the Covid-19 crisis. Handelsbatt, the German financial paper, reports that Alexey Mordashov, TUI’s largest sharehoder has already committed €300m. Additionally, the Company is expected
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